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Sun 1 Oct 2006 12:00 AM

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DFSA and Australia Sign Accord

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The Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding (MoU) with the Australian Securities and Investments Commission (ASIC).

The MoU was signed in Sydney by David Knott, chief executive of the DFSA, and Jeffrey Lucy, chairman of ASIC.

“Australia has a well developed capital market and an internationally respected regulatory framework,” said Knott.

“ The strength of the Australian system was demonstrated during the Asian financial crisis in the late 1990s from which Australia emerged largely unaffected.

Reforms to the Australian regulatory system in the early and mid-1990s, creating a nationally integrated capital markets and regulatory structure, have underpinned Australia’s long period of sustained economic performance.”

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